ICE Canadian canola futures closed lower on spillover weakness from Chicago soybean markets on Friday despite an outlook for canola stocks to shrink due to a smaller harvest, traders said. November canola closed $7.60 per tonne lower at $508.80. Chicago November soybeans ended 15-1/2 cents lower at $9.65.
The annual CWB Market Research Services crop tour estimated Canadian canola yields at 29.3 bushels per acre on average, down from last year's 34.4 bushels and the lowest in three years due to drought. Parts of Alberta and Saskatchewan received less than 40 percent of normal rainfall during May and June. Malaysian November palm oil and NYSE Liffe Paris November rapeseed also ended lower. The Canadian dollar was at $1.3039, or 76.69 US cents, at 3:30 pm CDT (2030 GMT), even with the Bank of Canada's official close on Thursday.
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